On March 25, LightSquared Inc. obtained U.S. Bankruptcy Court approval to exit Chapter 11 protection pursuant to a restructuring plan that will pay its largest creditor, Charles Ergen, roughly $1.5b in cash to account for full repayment, with interest, of Ergen’s holdings of LightSquared debt. LightSquared is expected to emerge from bankruptcy with 44% of its equity retained by its founder, Harbinger Capital Partners LLC, but with voting control vested in Centerbridge Partners, L.P. and Fortress Investment Group LLC, which will together own a 34% equity stake.